Vacation Home Sales On Record Rise

According to an April 2007 news release from The National Association of REALTORS, vacation home sales rose 4.7% in 2006, while investment sales and primary residence sales fell. 14% of all homes purchased in 2006 were vacation homes, up from 12% in 2005.

The NAR article goes on to report that typical vacation home buyer in 2006 had a median income of slightly over $100,000 was about 44 years old. Many of these vacation homes were approximately 200 miles from home, though 32% of the purchases were 500 or more miles away from their primary residence.

44.7 million people nationwide are now in their 40s and are expected to be "driving the market" in the years to come. 29% of vacation homes were purchased in rural areas, while 24% were resort areas.

What does this mean for investors, and what does it have to do with northeastern PA?

Wayne County and Pike County in northeastern Pennsylvania are just on the outskirts of what is known as "BoshWash" or the "Urban Corridor" - a 500+ mile strip of land starting in Boston and ending near Washington D.C. BosWash contains 3 world cities (Boston, New York, and Philadelphia) and 4 of the world's largest metro areas (Boston, New York, Philadelphia, and Baltimore-Washington.) 16% of the nation's population lives and works in this Urban Corridor.

Pennsylvania has the 17th largest economy in the world, and as an incentive for builders/developers, the PA Economic Stimulus Plan has a special program titled Building PA, which provides mezzanine capital for builders/developers.

Since 1960, Pike County has experienced a 400% population growth - much of which consists of retirees and vacationers seeking an affordable place to invest in.

Together, Wayne and Pike County are extremely desirable for vacationers, retirees, and commuters alike, partly because of the proximity to New York City and Philadelphia, but mainly because of the beautiful landscape and affordable way of life. The Pocono Mountains are a desirable and popular vacation destination, and a wise investor will see that vacation homes in Northeast PA will become more and more in demand in the days to come.

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Wallenpaupack Vacation Home Sales Rising, ©Copyright 2009 by Karen E. Rice. All rights reserved.